Founders Brewing, the 14th largest brewery in the US and the largest in Michigan is selling a majority stake in its company to Spanish Brewer Mahou San Miguel.
What started when Founders sold 30% of its brewing empire to Mahou-San Miguel Group in December 2014 has escalated, with a deal that gives The Spanish company an overriding majority interest in the company.
According to MiBiz who broke the story on Thursday, the pending deal, which is expected to close in January 2020, will afford the Spanish brewing giant a 90% stake in Grand, Rapids-based brewery.
Founders Brewing co-founders Mike Stevens and Dave Engbers will reportedly each retain a 5-percent stake in the brewery, according to state filings.
In an exclusive interview with MiBiz, Stevens explained that MiBiz that the pending deal will allow Founders to buy out the more than two-dozen minority shareholders it has accumulated over the years, and “take some chips off the table”
In a statement to American Craft Beer Founders Brewing expanded on its action…
“Since 2014, we’ve enjoyed an excellent relationship with Mahou Group. We’re fortunate to have a partner with whom we can exchange brewing knowledge and business strategy, who also reflects our values as a company. Day-to-day operations will continue to be led by the existing Founders team.”
“We’ll continue to make the beers we love and have a partner in Mahou Group, who is just as passionate about beer and the future of Founders as we are.”
“Founders will remain autonomous in managing its business, products and teams. Engbers and Stevens will continue to be shareholders in Founders and have no intention of leaving. Their commitment to the brewery will remain and their roles and responsibilities will continue as they are now.”
Founders who opened a satellite brewpub in Detroit in 2017 has been on quite a roll of late…
Founders produced 563,700 barrels of beer last year, and along with Mahou San Miguel purchased 70% of Boulder, Colo.-based Avery Brewing.
In its statement Founders detailed that as things stand now Mahou has no plans to buy out the company or to brew Mahou’s brands in Michigan. Nor are there plans to combine Founders and Avery.